Another round of economic development legislation was heard in the Missouri Senate Jobs, Economic Development and Local Government Committee this week, gathering the support of the business community.
Senate Bill 698, sponsored by Kansas City Sen. Jolie Justus, would provide tax credits to investors that provide early stage “angel” capital to qualified employers in the state and would be administered by the Missouri Technology Corporation (MTC) with the primary goal of encouraging individuals to provide seed-capital financing for emerging Missouri businesses engaged in the development, implementation, and commercialization of innovative technologies, products, and services. This bill, unlike many tax credit bills, has a ten year sunset provision.
“You can have a great idea, but without a little bit of seed money or a little bit of assistance, you won’t be able to get the idea off the ground,” Tracy King, vice president of governmental affairs for the Missouri Chamber, said. “This is about investing in individuals and ideas and allowing the entrepreneur to create the newest market and the newest product; this is the basis of all economic development.”
The committee took no action on the bill but may vote on the bill next week.
The Missouri Chamber is supportive of Angel investment tax credits and has testified in favor of similar legislation in the House. For more information about tax issues, please contact Tracy King, vice president of governmental affairs for the Missouri Chamber, at email@example.com or by phone at 573-634-3511.